Galesburg City Council met Monday night and approved a redeveloper’s agreement for aid a well-known Knox County business in entering the Galesburg market.Owners of Jimmy’s Pizza, Jim and Deb McCormick were approved for a redeveloper’s agreement for their planned renovations at 379 E. Tompkins St.
That means they were approved for up to $31,000 in Tax Increment Financing incentives.
They are going to lease a 4,600 sq. ft space in downtown Galesburg, next to Cooks and Company.
Council documents say they are planning on a complete restoration of the interior, including a new dining area, bar, kitchen, restrooms, banquet room as well and mechanical and electrical system.
Alderman Jeremy Karlin asked about TIF 4, the zone where Jimmy’s would be located and the fund from which they would receive funds.
City Manager Todd Thompson says the fund and zone, which is largely comprised of downtown businesses, is healthy.
“If we spend the amount we allocated for redevelopment projects this year there’ll be about $200,000,” Thompson says. “TIF IV is a TIF that continues to build up revenue over time.”
Also council approved an $85,000 loan guarantee for Jimmy’s.
